Royal Exchange Plc recorded a net loss of N215.34 million representing a 38 per cent decrease for the 2019 business year.
The company’s unaudited financial statements for the period ended December 31 2019, obtained from the Nigerian Stock Exchange (NSE), has disclosed.
A break down of the data reveals that the earned income decreased from N15.86 billion in 2018 to N14.89 billion in 2019, representing a six per cent drop.
Further analysis of the data shows that the company recorded a loss before tax of N158.22 million in 2019 as against profit before tax of N326.87 million in 2018.
After payment of taxes, net loss increased from N156.18 million in 2018 to N215.34 million in 2019 while loss per share increased from 3 kobo in 2018 to 4 kobo in 2019.
It would be recalled that the company generated a Gross Written Premium (GWP) of N14.7 billion from its business activities ended December 31, 2018, representing an increase of 15 per cent when compared to the figure of 2017, which stood at N12.8 billion.
Net premium income for the period amounted to N9.1 billion which is a 29.7 per cent growth over the 2017 figure, while net underwriting profit amounted to N9.73billion in the 2018 financial year.
While underwriting profit went up to N3.67 billion in the 2018 financial year, from N1.05 billion in 2017, and net income stood at N4.3 billion, from the corresponding figure of N2.4 billion in 2017.